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South Carolina families see record cost of credit card debt

Summer vacation, back-to-school shopping, Christmas — it all adds up. When these events are considered along with the everyday expenses that the typical South Carolina family faces, it can be a struggle to keep ahead financially. Then, when there is an unexpected expense such as a large car repair bill or hospitalization, the family budget may simply not be able to absorb any more. This is where many families turn to credit card debt as a solution.

Research shows that America’s credit card debt has been steadily increasing. In fact, the cost of credit card debt is now approaching $104 billion. Additionally, many credit cards charge interest rate of 17 percent or higher.

Credit cards offer families the convenience of purchasing items and paying for them later. They also offer a number of benefits such as discounts, rebates and reward points that attract the consumer’s attention. However, many South Carolina families find that turning to credit cards can be more of a problem than a solution.

Once the individual or family realizes that credit cards have become a problem, the attempt to rectify the situation often begins. Decisions are made to reduce expenses and not use the cards. Unfortunately, this is often easier said than done. Additionally, it is likely that there will be some crisis that will make the use of credit cards appear necessary.

Some South Carolina families are able to stop the credit card debt cycle and begin digging themselves out of debt. However, others find that they are in too deep or that the onslaught of bills is just too great. When this happens, it is time to reclaim one’s financial future. Experienced legal counsel can provide the guidance necessary to make this happen.